Ever since RERA has been brought into the picture, the real estate market has seen a lesser number of litigations. Earlier people would reach out to the courts with requests to get refunds from builders, to file complaints against developers or register their grievances with the court. Since the inception of RERA, there are certain rules which dictate the refund policies. Here are RERA rules for refund of booking amount. Follow through!
What are the stages in which money is involved for allotment of property?There are several stages in which money is involved with the developers and builders. These are:
The booking amount
Payment of stamp duty
Payment of registration charges
Payment of GST
Since you have asked about the RERA rules for refund of booking amount. I will strictly talk about it.
In case the buyer decides to cancel the deal with the developer, RERA allows the developer to deduct the booking amount and refund the remaining amount to the buyer within 45 days. The builder is entitled to deduct the booking amount as they suffer losses due to cancellation of the deal.
This should answer your question clearly.
What are the RERA rules for refund of booking amount?
Jayant
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2021-08-09T13:09:04+00:00 2023-09-21T15:19:24+00:00Comment
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